Shanghai Port and Ningbo Port will sponsor a marine insurance company in Ningbo, which will be the first such insurer in China, Menafn reports.

Other insurance institutions will be introduced into the marine insurer and companies in shipping, port operation, logistics and marine industry will make investment into the marine insurer whose registered capital is initially set at CNY 500 million.

PICC Property and Casualty Co. and China Pacific Property Insurance Co. in January 2011 unveiled marine insurance operation center in Shanghai respectively.

Port operators' participation in the proposed marine insurer will endure stable client source, said insiders.

The pilot marine insurer will target at port shipping as well as develop and promote marine insurance products. Then it will provide property and life insurance products and services in a bid to grow into a competitive insurer within five to ten years. It will mainly serve the Yangtze River Delta at early stage and then expand the business across the country in due course.